18 foreign oil firms qualified to bid for 20 blocks in Yemen
Source: The Peninsula Qatar (Read full story)
Yemen has allowed 18 international oil firms to bid for 20 onshore and offshore blocks in the sixth auction issued by the Oil Ministry, the state news agency Saba said yesterday. Saba quoted Ahmed Dares, Yemen’s oil minister, as saying that 45 foreign firms had presented applications to bid for the blocks, of which nine are onshore and 11 offshore. Of the 45, only 18 had qualified to bid. The auction aims to increase Yemen’s oil and gas output through foreign investment, Dares was quoted as saying. The 18 firms include Hunt Oil and Gas, Norway’s DNO, Circle Oil, Kuwait Foreign Petroleum Exploration Company (Kufpec), Pakistan Oilfields and Dana Gas. The list also includes France’s Total, the Austrian oil and gas group OMV, UAE-based Crescent Petroleum, and Pakistan Petroleum.
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Sheikh Abdullah and John Kerry discuss the crisis in Egypt
Source: The National (Read full story)
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Concerned about more bloodshed in Egypt, the United States, European and Arab states are trying to bring the opposing sides together. This relies on the UAE to work with the interim government and Qatar to liaise with the Muslim Brotherhood. Mr Kerry thanked Sheikh Abdullah for his “enormous efforts” to help resolve the crisis. He then called on all parties in Egypt to work towards a peaceful resolution. “The temporary government has a responsibility with respect to demonstrators to give them the space to be able to demonstrate in peace,” Mr Kerry said before the meeting with Sheikh Abdullah. “But at the same time, the demonstrators have a responsibility not to stop everything from proceeding in Egypt.” Islamist backers of Egypt’s deposed president.
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GCC insurance sector competition hits firms
Source: Gulf Daily News (Read full story)
Intense competition in GCC insurance markets means that some players, particularly at the lower end of the market, consistently report losses. Although mergers within the sector make sense, barriers exist that discourage consolidation, according to a report by ratings agency Standard & Poor’s. “A small number of well-established insurers are reaping the benefits of the fast-growing insurance markets in the GCC region,” the report states. “Meanwhile, inflated valuations and a reluctance to relinquish control are preventing smaller insurers from consolidating. “In trying to avoid reporting losses, we believe revenue-starved insurers could distort market pricing for all,” the report added.”
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Qatar Government Spending Growth Slows Sharply In 2012/13
Source: Gulf Business (Read full story)
Qatar’s government spending rose 2.2 per cent to a record QAR178.2 billion ($48.9 billion) in its last fiscal year, slowing sharply from double-digit increases seen in the previous decade, official data showed. It was the first time that the government’s annual spending undershot its budget plan since 1990 – a sign of the difficulties which Qatar is having in pushing forward huge and complex infrastructure projects. Some big projects, such as a new airport, have been delayed by difficulties in planning, coordination and arranging the necessary resources for them, as well as by bureaucratic obstacles. So the government has so far ended up spending less than it aimed to spend.
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GCC commercial arbitration conference begins in Oman
Source: The Peninsula Qatar (Read full story)
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The three-day conference is organised by the GCC Commercial Arbitration Centre (CAC), in cooperation with the branch of Oman Chamber of Commerce and Industry (OCCI) in the Governorate of Dhofar. During the meeting, Omani Minister of Commerce and Industry Mas’oud Al Sunaidi affirmed that the GCC joint efforts achieve progress in the relevant systems and legislations aiming at stimulating investment and stabilising stock markets. He pointed out that Oman pursues a policy of openness and economic liberalisation and makes tangible progress in integrating into the global economy. He was quoted by Oman News Agency (ONA) as explaining that the theme of this conference, represented in arbitration in disputes of capital markets in the GCC, is within the framework of the attention accorded by the Gulf countries for the stability of the stock market.
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Saudi stocks rise to near 16-month high
Source: Arab News (Read full story)
Investors are positioning themselves for further market appreciation as three sessions remain before the week-long closure of the Saudi stock market, says a Riyadh-based analyst. The Tadawul market will be closed for Eid Al-Fitr holiday from Aug. 6 until Aug. 12. The bourse rose to a near 16-month high on Wednesday, close to last year’s peak, as investors bought shares in companies that they believed would profit from increased consumer spending during Ramadan. The Tadawul All-Share Index climbed 0.65 percent to 7,915.11 points — its highest close since April 2012. Trading volumes were above the 30-day average for a second consecutive session. The value of traded shares exceeded SR6 billion on Wednesday.
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